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189 <br />3. Said bonds shall be prepared under the direction of the <br />Village Clerk and shall be executed on behalf of the Village by the <br />signature of the I~~1ayor, attested by the Village Clerk, and the cor- <br />porate seal of the Village shall be affixed thereto, and the appur- <br />tenant interest coupons shall be executed and authenticated b,y the <br />printed, engraved, or lithographed facsimile signatures of said Mayor <br />and Clerk, ~rdhen said bonds have been so executed and authenticated, <br />they shall be delivered by the Treasurer to the purchaser thereof, <br />upon payment of the purchase price heretofore agreed upon and said <br />purchaser shall not be obliged to see to the application thereof. <br />~. There is hereby created a special fund to be designated <br />"ti~atermain Improvement Of 1960, No. 1. Fund" to be held and administered <br />~y the Village Treasurer separate and apart .from all other funds of the <br />Village. Said fund shall be maintained in the manner herein specified <br />until all of th.e bonds herein authorized and the interest thereon have been <br />fully paid. In said fund there shall be maintained tvao separate accounts, <br />to be designated as the "Construction Account" and the "Sinking Fund <br />Account" respectively. The proceeds of sale of the bonds herein author- <br />ized, less accrued interest received thereon, shall be credited to the <br />Construction Account, together with any such other monies as shall be <br />appropriated to said account from other Village funds, and from said <br />account there shall be paid all costs and expenses of making said <br />improvement, as incurred and allowed, and the monies in said account <br />_ shall be used for no other purpose; provided, that if upon completion <br />y of said improvement there shall remain any unexpended balance in said <br />Construction Account, such balance shall be transferred to the Sinking <br />Fund Account. There shall be credited to the Sinking Fund Account all <br />collections cf the special assessments and general taxes herein agreed <br />to be levied, and all accrued interest received upon delivery of said <br />bonds, and any other monies which may from time to time be appropriated <br />for the payment of the bonds herein authorized. The monies in said <br />account shall be held and used only for the payment of the principal <br />of and interest on said bonds as such payments become due. The full <br />faith and credit cf the Village shall be and are hereby pledged to pay <br />said bonds and interest, and the principal and interest thereof shall <br />be paid out of any funds in the treasury, if the monies on hand in <br />said sinking fund account are at any time insufficient to meet the pay- <br />raent of maturing principal and interest. <br />5. It is hereb. determined that no less than Sixty-eight <br />Thousand Dollars ($68,000 of the total cost of said improvement shall <br />be paid by special assessments to be levied upon all assessable lots, <br />pieces and parcels of land within the area heretofore determined to be <br />assessable for said improvement in amounts proportionate tp the benefits <br />received by each such lot, piece or parcel; and the Village hereby <br />covenants and agrees that it will ~d and perform, as soon as may be, all <br />acts and things necessary for the final and valid levy of such assessments. <br />If any assessment be at any time held invalid with respect to any lot, <br />piece or parcel of land, due to an,y error, defect or irregularity in any <br />- 4 - <br />